South Korean tech conglomerate Naver is launching its first crypto wallet, Naver Pay Wallet, in partnership with sports-focused blockchain Chiliz. Chiliz, an L1 blockchain built around supporting fan tokens, said in an August 29 X post that it has been selected as the first blockchain for the wallet, which is available to Naver’s more than 33 million users. Naver — known as the “South Korea’s Google” — operates the most used search engine in the country.

According to Chiliz founder and CEO Alexandre DREYFUS, Naver Pay Wallet does not aim to be a typical crypto wallet, but a blockchain-based service for utilities and loyalty. The wallet is in beta and is non-custodial, meaning users will retain their wallet’s private key, and can hold both cryptocurrencies and non-fungible tokens. Dreyfus said more features are coming, with planned integrations with decentralized applications (DApps), fan tokens, and a merchant loyalty program.

He added that the target customers are tech-savvy, already using Naver Pay digitally, and are interested in learning about blockchain technology, particularly in the sports, entertainment, and digital asset industries. While the Chiliz blockchain is the wallet’s first, Dreyfus said Naver may add support for a wider range of blockchains in the future.

Image: Asia Crypto Today